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First in 20 years: HUL to ITC, FMCG stocks lose out in a falling market

Sector weight in Nifty 50 declines to 9.5%, the lowest since 2011

The Nifty FMCG index has remained nearly flat, registering just a 0.3 per cent increase since the start of the 2024 calendar year. As of Wednesday, the FMCG index closed at 57,177.6, compared to 56,987.2 at the end of December 2023.
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Representative Picture

Krishna Kant Mumbai
For the first time in 20 years, FMCG stocks —such as Hindustan Unilever, ITC, and Asian Paints — are failing to act as defensive assets and are underperforming in a falling market.
 
The Nifty FMCG index has declined 20.2 per cent since the end of September 2024, when the Indian equity market peaked on a monthly basis, compared to a 12.6 per cent fall in the benchmark Nifty 50 over the same period. The trend has persisted into 2025, with the FMCG index down 8 per cent since the start of the calendar year, compared to a 4.6 per cent